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- Oct 13, 2010
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- 10,735
You might consider running a few tax returns and see how it plays-out. My gut feeling is that tax deductions don't mean diddly, especially when you have low income anyway (much of your income is taxed at 0% and 10%). Tax credits, on the other hand, cha-ching! Cash money in your hand! My experience suggests you might need around 250% FPL to keep out of Medicaid territory, so if you can manage around $30K (not sure if you have any traditional IRA's to convert to Roth or not).I'm still on the fence about signing up with coverage from the marketplace or not.
So when you open up the tax software (the 2014 version will be good enough), and you put-in the PTC numbers you got from the Kaiser site, you might be surprised at the check uncle sam is willing to send you (look at line 24 on form 8962).
Presuming you are not willing to go without coverage, and you're not a big user of healthcare services, I'd be very surprised if going with, say, a Bronze HSA eligible policy wouldn't be significantly better financially than buying off-exchange. And if you can afford to save some money, you can take $3350 off of your income by putting it into an HSA ($4350 if you're over 55).